P87 - confused!!!

MonkeySaving?

Tels wrote: »

HMRC told me via the on line service section NOT to change the date on the 07/08 form when I asked how to claim for the previous 4 years! However they did not tell me how I should claim it

I am thinking fill in the form I have and then send in the other years info in a similar format on a spreadsheet or similar. Any comments?

Interesting? When I claimed 6 years of tax relief for company fuel they told me to print off the 2007/2008 form, cross it out and write the correct years for each claim.

MonkeySaving?

davewill wrote: »

Hi - new to this forum so hope someone can help

I get 12p per mile for business use of my car so need to claim back 28p per mile on the P87 form

My total mileage for 2007/2008 is 8878
I have been paid 12p per mile on this = £1065.36

I assume therefore i can claim 8878 x .28p per mile = £2485.84

Will this be sent back to me as a cheque or will it fall into a tax code recalculation?

Any help or guidance would be appreciated:beer:

It depends on how much you earn, if you are a lower rate tax payer expect to receive a cheque. If a higher rate one, for that amount it may be factored into this years tax recalculation.

yus786

davewill wrote: »

Hi - new to this forum so hope someone can help

I get 12p per mile for business use of my car so need to claim back 28p per mile on the P87 form

My total mileage for 2007/2008 is 8878
I have been paid 12p per mile on this = £1065.36

I assume therefore i can claim 8878 x .28p per mile = £2485.84

Will this be sent back to me as a cheque or will it fall into a tax code recalculation?

Any help or guidance would be appreciated:beer:

It's the tax relief on the £2485.84 - so either 20% or 40 % of this value

antuk

Can anyone that has claimed before tell me how long this usually takes, i cant remember when i sent off the form but it seems to be taking an age!!

MonkeySaving?

antuk wrote: »

Can anyone that has claimed before tell me how long this usually takes, i cant remember when i sent off the form but it seems to be taking an age!!

3/4 weeks until you get a letter back asking you for mileage logs then 3 months before you get a cheque/acknowledgement. It might be less for you since i claimed for 6 years!
A mate at work submitted his P87 last year, for the previous year and got a cheque in 6 weeks.

antuk

Whats a mileage log? I have expense forms signed by my company will that do?

davewill

Originally Posted by davewill
Hi - new to this forum so hope someone can help

I get 12p per mile for business use of my car so need to claim back 28p per mile on the P87 form

My total mileage for 2007/2008 is 8878
I have been paid 12p per mile on this = £1065.36

I assume therefore i can claim 8878 x .28p per mile = £2485.84

Will this be sent back to me as a cheque or will it fall into a tax code recalculation?

Any help or guidance would be appreciated:beer:

It's the tax relief on the £2485.84 - so either 20% or 40 % of this value

Sorry i am now even more confused
I thought mileage up to 40p for first 10,000 miles wat tax free?

See below for explanation from HMRC web page

Employee uses her own car for business travel. In the tax year 2005/06 she covers 7,000 miles of business travel in it. Her employer pays her 35p for each business mile.
Step 1
Mileage allowance payments (MAPs) received7,000 x 35p£2,450
Step 2
For 2005/06 the statutory mileage rates for a car are 40p for the first 10,000 miles of business travel and 25p for each additional mile (see SE31240).
AMAPs amount (see SE31215)7,000 x 40p£2,800
Step 3

In this example, Step 1 is less than Step 2. All the mileage allowance payments of £2,450 paid by the employer are therefore exempt from tax as AMAPs. The employer does not need to make any report to HMRC of the payments made. (See SE31275 for details of employer reporting, and an explanation of why no dispensation is needed).
Conclusion: the employee is entitled to mileage allowance relief of £350 (see SE31330 onwards).

So in my case shouldn't i get the full amount of £2485.84 reimbursed??

bryanthesnail

I assume the Co doesn't pay tax on whatever they choose to give, and the relief is on the rest. If the Co. chooses to pay you less than the maximum 40 or 25ppmile, that is their call.
My Co. does this, paying close to government rates of 12ppmile. Sadly, this is a common mistake in HR where they tell people new to the Co. car game that they can get it all back and 30k/yr drivers go out there thinking they can get an extra £10K toward a tasty car on top of their allowance. If this was the case, make mine a S Class Merc!

davewill

Bryan

Yes you are right, i thought the mileage allowance i am claiming (i.e the difference between 12p/mile claimed and 40p mile allowance upto 10,000 miles) is tax free

I now realise that this amount (£2485.84) is a figure that i am claiming relief against
As a 40% taxpayer i assume i will now get 40% of £2485.84 = £994.34

Does this sound right - and oh, should i expect a cheque back for this amount

Thanks

lizzielou

Did anyone find the P87 for 2007/2008? Thanks